| Title: | National Fuel Gas Co. (M&A Insight Note) |
| Price: | $100.00 |
| Publication Date: | Jan 28, 2008 |
| Company: | National Fuel Gas Co. |
| Report Type: | M&A Insight Note |
| Brief Excerpt: | ...In a seeming about-face to their months-long aggressive public campaigns, on Jan. ## National Fuel Gas (NFG) and dissident sh areholder New Mountain jointly announced that the parties had reached a settlement, h eading off a potentially heated proxy fight at the company s Feb. ## annual meeting. New Mountain, an investment group affiliated with pension powerhouse CalPERS, was seeki ng three board seats. As part of the settlement, NFG will expand the size of the boa rd from ten to eleven and add one of the three New Mountain director nominees. In addition, Philip Ackerman will step down from the CEO post but remain chairman of the board, ensuring the chairman-CEO split, an agenda wasn t specifi cally sought by New Mountain. New Mountain made its first investment in NFG in Feb. #### and currently holds a ##% stake. Although New Mountain has agitated for strategic changes at NFG since Nov. ####, according to ... |
| Word Count: | 1761 |
| Length: | 4 Pages |
| Ticker: | NFG |
| Related Report(s): | - National Fuel Gas Co. (Corporate Governance Quotient (CGQ)): $250.00
...The board is controlled by a supermajority of independent outsiders (independent outsiders greater than ##%) The nominating committee is comprised solely of independent outside directors The compensation committee is comprised solely of independent outside directors The company has a committee that oversees governance issues and the committee met in the past year There are between nine and ## directors serving on the board The CEO serves on the boards of two or fewer other companies No former CEO of the company serves on the board The company has governance guidelines that have been publicly disclosed on company website The performance of the board is reviewed regularly Outside directors meet without the CEO present A board approved CEO succession plan is in place Board members have express authority to retain outside advisors Directors are required to submit a letter of resignation upon a job change One or more director (but less than a majority of...
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